Deflation could be good news for home owners
Inflation in Britain has turned negative for the first time since records began in the sixties, giving a boost to household finances*.
This means that essentials like petrol, food and transport are cheaper than they were a year ago. On average, we are expected to save £140 a year as a result of lower petrol prices this year alone.
It could also mean that anyone taking out a new mortgage could benefit with interest rates hitting new lows. And, the longer inflation is below the BOE’s target, the less likely it is that interest rates are going to rise.
What this means for those looking for a new mortgage
Adam from Your Mortgage Expert comments: “Interest rates are at record lows currently which means there are lots of deals for savvy home owners. In particular, First Time Buyers, those looking to remortgage and home movers could find great fixed rate deals, especially on five-year deals.
“However, most predict that we won’t be in deflation for long and so it might be wise for home owners to take advantage of these deals now before they disappear.”
How Your Mortgage Expert can help
Your Mortgage Expert is whole of market and independent which means we know all the current deals available and can make the most appropriate recommendation for you based on your circumstances. Some of the deals may only be available for a limited period and through independent advisers. So whether you’re looking for a fixed rate, variable rate or you’re a First Time Buyer, Your Mortgage Expert can review your circumstances and make the most suitable recommendation based on your affordability.
To speak to Adam about your next mortgage, ring him now on 01722 322683 or complete a contact us form and he will call you back.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE OVERALL AMOUNT PAYABLE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
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